I really like the Patagonia Capilene 4 Balaclava (HE). It's a great piece for me.
1.2 oz, compacts down very small, nicely warm, stretchy, and very breathable
(It is made from Polartec Power Dry - the High Efficiency version)
For my head shape, it easily & comfortably pulls down below the chin. YMMV.
Be aware that it is not intended to offer wind protection - for wind protection, you'll need to use it in conjunction with your shell's hood ... that is, if you expect your balaclava to offer good wind protection as a stand alone piece.